SOFR Advance definition

SOFR Advance means an Advance that bears interest at a rate based on Term SOFR.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

SOFR Advance means an Advance that bears interest as provided in Section 2.07(b).

SOFR Advance means each portion of a Revolving Loan that bears interest at a rate determined by reference to Term SOFR (other than pursuant to clause (c) of the definition of "Adjusted Base Rate").

Examples of SOFR Advance in a sentence

The Administrative Agent will notify each Lender of the interest rate applicable to each Term SOFR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.
During the existence of an Event of Default, the Administrative Agent or the Required Lenders may require that (i) no Advances may be requested as, or converted to, Term SOFR Advances and (ii) unless repaid, each Term SOFR Advance be converted to a Daily Simple SOFR Advance on the last day of the applicable Remittance Period.
Pursuant to Section 2.9 of the Credit Agreement, the undersigned Borrower hereby requests to [continue] [convert] the interest rate on a portion of its Loan in the outstanding principal amount of $[____________] on [_______________], 20[__] as follows: ☐ to convert such Term SOFR Advance to a Base Rate Advance of the same type as of the last day of the current Interest Period for such Term SOFR Advance.
Interest accrued on each Term SOFR Advance having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period.
The Borrower shall select the Type of Advance and, in the case of each Term SOFR Advance, the Interest Period applicable thereto from time to time.

More Definitions of SOFR Advance

SOFR Advance means a Term SOFR Advance and/or a Daily Simple SOFR Advance, as the context may require.

SOFR Advance or “SOFR Loan” means an Advance or Loan which, except as otherwise provided in Section 2.11, bears interest based on Term SOFR. SOFR Advances and SOFR Loans shall be denominated in Dollars.

SOFR Advance means an Advance bearing interest at a rate based on Adjusted Term SOFR as provided in Section 2.07(b).

SOFR Advance means a Series 2022-1 Class A-1 Advance that bears interest at a rate of interest determined by reference to the Term SOFR Rate during such time as it bears interest at such rate, as provided in the Series 2022-1 Class A-1 Note Purchase Agreement.

SOFR Advance means (x) (i) any Advance made as a SOFR Advance in accordance with Section 2.02(b) and (ii) not converted into a Base Rate Advance in accordance with Section 2.02(c) and (y) any Advance converted from a Base Rate Advance to a SOFR Advance in accordance with Section 2.02(c). For the avoidance of doubt, the Borrower may convert (x) a SOFR Advance with a three-month maturity to a SOFR Advance with a one-month maturity and (y) a SOFR Advance with a one-month maturity to a SOFR Advance with a three-month maturity, in each case, subject to Breakage Fees if not converted at the end of the applicable Interest Period.

SOFR Advance means an Advance in US Dollars bearing interest based on the Adjusted Term SOFR.